Form 8-K

8-K — Empire State Realty Trust, Inc.

Accession: 0001541401-26-000030

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0001541401

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — esrt-20260729.htm (Primary)

EX-99.1 (esrt6-30x26er.htm)

EX-99.2 (a2q26supplement.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 29, 2026

EMPIRE STATE REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland 001-36105 37-1645259

(State or other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

EMPIRE STATE REALTY OP, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware 001-36106 45-4685158

(State or other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

111 West 33rd Street,

12th Floor

New York, New York 10120

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 687-8700

n/a

(Former name or former address, if changed from last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Empire State Realty Trust, Inc.

Class A Common Stock, par value $0.01 per share ESRT The New York Stock Exchange

Empire State Realty OP, L.P.

Series ES Operating Partnership Units ESBA NYSE Arca, Inc.

Series 60 Operating Partnership Units OGCP NYSE Arca, Inc.

Series 250 Operating Partnership Units FISK NYSE Arca, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 29, 2026, Empire State Realty Trust, Inc. (the “Company” or “we”) issued a press release announcing its financial results for the second quarter 2026. The press release referred to certain supplemental information that is available on the Company’s website. The press release and supplemental report are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 7.01. Regulation FD Disclosure

Second Quarter 2026 Earnings

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the second quarter 2026 and made available on its website certain supplemental information relating thereto.

The information in Item 7.01 of this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. Such information shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1

Press Release announcing financial results for the second quarter 2026

99.2

Supplemental report

104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).

Non-GAAP Supplemental Financial Measures

Funds From Operations

measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations

Modified Funds From Operations ("Modified FFO") adds back an adjustment for any below-market ground lease amortization to traditionally defined FFO. We believe this is a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.

Core Funds From Operations

Core Funds From Operations ("Core FFO") adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses, IPO litigation expense, goodwill impairment charge and interest expense associated with property in receivership. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In

future periods, we may also exclude other items from Core FFO that we believe may help investors compare our results.

Core Funds Available for Distribution

In addition to Core FFO, we present Core Funds Available for Distribution ("Core FAD") by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses, amortization of loss on interest rate derivative and (ii) deducting straight-line rent, amortization of debt premiums and above/below market rent revenue, and recurring capital improvements such as second generation leasing commissions, tenant improvements, prebuilts, capital expenditures and furniture, fixtures & equipment. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.

Net Operating Income and Property Cash NOI

these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store

subsequent quarter and properties placed in receivership. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of June 30, 2026, Same Store excludes 86-90 North Sixth Street, which was acquired in June 2025, 41-55 North Sixth Street, which was acquired in March 2026, 130 Mercer, SoHo, NY, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, and 250 West 57th Street, which was disposed in June 2026. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, interest expense associated with property in receivership, income taxes and depreciation and amortization. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of its financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For Adjusted EBITDA, we add back impairment charges, goodwill impairment charge and (gain) loss on disposition of property.

Net Debt to Adjusted EBITDA

We compute Net Debt to Adjusted EBITDA as gross debt less cash and cash equivalents divided by the trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement. The Company believes that the presentation of Net Debt to Adjusted EBITDA provides useful information to investors because the Company reviews Net Debt to Adjusted EBITDA as part of the management of its overall financial flexibility, capital structure and leverage based on its percentage ownership interest in all of its assets.

Other Definitions

"fully diluted basis" means all outstanding shares of our Class A common stock at the time indicated plus shares of Class A common stock that may be issuable upon the exchange of operating partnership units on a one-for-one basis and shares of Class A common stock issuable upon the conversion of Class B common stock on a one-for-one basis, which is not the same meaning of "full diluted" under generally accepted accounting principles in the United States of America ("GAAP").

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 29, 2026

EMPIRE STATE REALTY TRUST, INC. (Registrant)

By: /s/ Stephen V. Horn

Name: Stephen V. Horn

Title: Executive Vice President, Chief Financial Officer

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 29, 2026

EMPIRE STATE REALTY OP, L.P.

(Registrant)

By: Empire State Realty Trust, Inc., as general partner

By: /s/ Stephen V. Horn

Name: Stephen V. Horn

Title: Executive Vice President, Chief Financial Officer

EX-99.1

Filename: esrt6-30x26er.htm · Sequence: 2

Document

EMPIRE STATE REALTY TRUST ANNOUNCES SECOND QUARTER 2026 RESULTS

– Net Loss Per Fully Diluted Share of $(0.15) –

– Core FFO Per Fully Diluted Share of $0.21 –

– Leased Over 380,000 Square Feet –

– Completed Disposition of 250 West 57th Street for $275M –

– Acquired Land Under Two Broadway Campus Assets for $110M –

– Updates 2026 Core FFO Range –

New York, New York, July 29, 2026 – Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observation Deck. The Company is a recognized leader in energy efficiency and indoor environmental quality. Today the Company reported its operational and financial results for the second quarter of 2026. All per share amounts are on a fully diluted basis, where applicable.

Second Quarter and Recent Highlights

•Net Loss of $(0.15) per share. Results include the following items that are excluded from Core Funds From Operations: non-cash goodwill impairment charge of $166.1 million related to our Observatory reporting unit, a $124.6 million gain on the disposition of 250 West 57th Street, and $5.5 million of one-time severance costs included in general and administrative expenses.

•Core Funds From Operations (“Core FFO”) of $0.21 per share.

•Same-Store Property Cash Net Operating Income (“NOI”), excluding lease termination fees, increased 3.3% year-over-year. The increase was primarily attributed to the receipt of approximately $4.0 million of non-recurring real estate tax abatements, related to prior periods. Adjusted for the non-recurring items, Same-Store Property Cash NOI decreased by 3.2%. This change was primarily attributed to increases in free rent and operating expenses, partially offset by an increase in tenant reimbursement income.

•The total commercial portfolio was 94.9% leased and 89.4% occupied as of June 30, 2026.

•Signed 381,799 rentable square feet of commercial leases, inclusive of 363,968 rentable square feet of office leases.

•In the office portfolio, blended leasing spreads were +17.8%, the 20th consecutive quarter of positive leasing spreads.

•Empire State Building Observation Deck generated NOI of $12.4 million, with continued impact from reduced international tourism and weakness in the pass program channel.

•Completed the disposition of 250 West 57th Street for $275 million, which includes the buyer’s assumption of $180 million of mortgage debt, as previously announced. The transaction represents a recycling of capital into the Company’s December 2025 acquisition of 130 Mercer Street, without recognition of a taxable gain.

•Completed the acquisition of the land under the Company’s 111 West 33rd Street and 1400 Broadway properties for an aggregate price of $110 million, as previously announced.

•Subsequent to quarter-end, closed on a $245 million unsecured delayed draw term loan that matures in 2032. The Company has no unaddressed debt maturity until January 2028.

Property Operations1

As of June 30, 2026, the Company’s property portfolio comprised 7.1 million rentable square feet of office space, 0.7 million rentable square feet of retail space and 743 residential units, which were occupied and leased as shown below.

June 30, 20262,3

March 31, 20262,3

June 30, 20252

Percent occupied:

Total commercial portfolio

89.4% 88.2% 89.0%

Office 89.1% 87.9% 88.9%

Retail 92.8% 91.2% 89.9%

Percent leased (includes signed leases not commenced):

Total commercial portfolio

94.9% 93.2% 92.9%

Office 94.8% 93.0% 93.1%

Retail 95.9% 95.4% 90.7%

Total multifamily portfolio

97.7% 96.4% 98.6%

1 Excludes approximately 15,000 square feet of retail space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which is under redevelopment, and approximately 22,000 square feet of retail space related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.

2 All occupancy and leased percentages exclude broadcasting and storage space.

3 Occupancy and leased percentages for June 30, 2026 and March 31, 2026 exclude Metro Center, which was sold during the fourth quarter 2025. Occupancy and leased percentages for June 30, 2026 also exclude 250 West 57th Street, which was sold during the second quarter 2026.

Leasing

The tables that follow summarize leasing activity for the second quarter of 2026. During this period, the Company signed 21 leases that totaled 381,799 square feet with an average lease duration of 9.7 years. Average lease duration was 12.0 years for new leases executed in the second quarter.

Total Portfolio

Leases executed

Square

footage executed

Average cash rent psf – leases executed

% of new cash rent over / under previously escalated rents

Office

17 363,968 $ 72.75 17.8 %

Retail

4 17,831 $ 502.26 (25.9) %

Total Overall

21 381,799 $ 95.04 1.4 %

Office Portfolio

Leases executed

Square

footage executed

Average cash rent psf – leases executed

% of new cash rent over / under previously escalated rents

New Office

12 252,344 $ 74.26 16.1 %

Renewal Office

5 111,624 $ 69.87 21.6 %

Total Office

17 363,968 $ 72.75 17.8 %

Leasing Activity Highlights

•16-year 100,948 square foot new office lease with United Talent Agency at Empire State Building.

•13-year 28,741 square foot new office lease with Infinium Wall Systems at 1359 Broadway.

•8-year 26,134 square foot new office lease with Instacart at 111 West 33rd Street, which is 100% leased as of July 2026.

•11-year 12,168 square foot new office lease with Landmark Management at One Grand Central Place.

•6-year 59,121 square foot renewal office lease with Alfred Dunner at 1333 Broadway.

Balance Sheet

The Company had $0.5 billion of total liquidity as of June 30, 2026, which was comprised of $86 million of cash, plus $445 million available under its revolving credit facility. At June 30, 2026, the Company had total debt outstanding of approximately $2.2 billion at a weighted average interest rate of 4.70%. At June 30, 2026, the Company’s ratio of net debt to adjusted EBITDA was 6.6x.

Subsequent to quarter-end, the Company closed on a $245 million unsecured delayed draw term loan that matures in 2032. Term loan proceeds are expected to be drawn in January 2027 and used to repay existing debt. The Company has no unaddressed debt maturity until January 2028.

Portfolio Transaction Activity

The Company completed the disposition of 250 West 57th Street for $275 million, which included the buyer’s assumption of $180 million of mortgage debt, as previously announced. The transaction represents a recycling of capital into the Company’s December 2025 acquisition of 130 Mercer Street, without recognition of a taxable gain.

The Company completed the acquisition of the land under its 111 West 33rd Street and 1400 Broadway properties, which carried remaining ground lease terms of approximately 51 and 38 years, respectively, for an aggregate price of $110 million, as previously announced. The transaction enhances the long-term value of the Company’s high-quality portfolio and was funded with balance sheet liquidity.

Dividend

On June 30, 2026, the Company paid a quarterly dividend of $0.035 per share or unit, as applicable, for the second quarter of 2026 to holders of the Company’s Class A common stock (NYSE: ESRT) and Class B common stock and to holders of the Series ES, Series 250 and Series 60 partnership units (NYSE Arca: ESBA, FISK and OGCP, respectively) and Series PR partnership units of Empire State Realty OP, L.P., the Company’s operating partnership (the “Operating Partnership”).

On June 30, 2026, the Company paid a quarterly preferred dividend of $0.15 and $0.175 per unit for the second quarter of 2026 to holders of the Operating Partnership’s Series 2014 and 2019 private perpetual preferred units, respectively.

Updated 2026 Core FFO

Given the uncertain operating environment and limited visibility into near-term performance trends for the Observation Deck, the Company utilizes $55 Million of NOI for the Core FFO range, which assumes no improvement to current visitation levels. More details will be provided on tomorrow’s call. The table below presents a range of potential Core FFO per share outcomes based on key building blocks for the property business and the Observation Deck. These outcomes exclude the impact of any significant future lease termination fee income or unannounced acquisition, disposition or other capital markets activity.

Key Items 2026 Core FFO Comments

Earnings July 2026 February 2026

Core FFO Per Fully Diluted Share $0.75 to $0.79 $0.85 to $0.89 • Reflects property guidance assumptions and utilization of Observation Deck NOI of $55M

Property Guidance Assumptions

Commercial Occupancy at year-end 90% to 92% 90% to 92%

SS Property Cash NOI (excluding lease termination fees) -1.5% to +2.0% -1.5% to +2.0% • Assumes positive y/y revenue growth • Assumes a ~5.0 to 7.0% y/y increase in operating expenses and real estate taxes largely offset by tenant reimbursement income • 2026 assumes ~(270 bps) impact from temporary downtime associated with the previously disclosed FDIC expiration, which has been re-leased

Observation Deck

Observation Deck NOI Utilized $55M $87M to $92M • Assumes no improvement to current visitation levels

Low High

Net Income (Loss) Attributable to Common Stockholders and the Operating Partnership $(0.11) $(0.07)

Add:

Goodwill Impairment Charge 0.61 0.61

Real Estate Depreciation & Amortization 0.69 0.69

Less:

Private Perpetual Distributions 0.02 0.02

Gain on Disposal of Real Estate, net 0.46 0.46

FFO Attributable to Common Stockholders and the Operating Partnership $0.71 $0.75

Add:

Severance Expense 0.02 0.02

Amortization of Below Market Ground Lease 0.02 0.02

Core FFO Attributable to Common Stockholders and the Operating Partnership $0.75 $0.79

The estimates set forth above may be subject to fluctuations as a result of several factors, including continued impacts of changes in the use of office space and remote work on our business and our market, performance of the Observation Deck (including tourism levels, currency and geopolitical impacts, weather and competition), our ability to complete planned capital improvements in line with budget, costs of integration of completed acquisitions, costs associated with future acquisitions or other transactions, straight-line rent adjustments and the amortization of above and below-market leases. There can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.

Investor Presentation Update

The Company has posted on the “Investors” section of ESRT’s website the latest investor presentation, which contains additional information on its businesses, financial condition and results of operations.

Webcast and Conference Call Details

Empire State Realty Trust, Inc. will host a webcast and conference call, open to the general public, on Thursday, July 30, 2026 at 12:00 pm Eastern time.

The webcast will be available in the “Investors” section of ESRT’s website. To listen to the live broadcast, go to the site at least five minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The conference call can also be accessed by dialing 1-877-407-3982 for domestic callers or 1-201-493-6780 for international callers.

Starting shortly after the call until August 13, 2026, a replay of the webcast will be available on the Company’s website, and a dial-in replay will be available by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers. The passcode for this dial-in replay is 13761043.

The Supplemental Report and Investor Presentation are additional components of the quarterly earnings announcement and are now available on the “Investors” section of ESRT’s website.

The Company uses, and intends to continue to use, the “Investors” page of its website, which can be found at www.esrtreit.com, as a means to disclose material nonpublic information and to comply with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the “Investors” page, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

About Empire State Realty Trust

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observation Deck. The Company is a recognized leader in energy efficiency and indoor environmental quality. As of June 30, 2026, ESRT’s portfolio is comprised of approximately 7.5 million rentable square feet of office space, 0.8 million rentable square feet of retail space and 743 residential units. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, TikTok, X, and LinkedIn.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.

geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

Contact: Investors and Media

Empire State Realty Trust Investor Relations

(212) 850-2678

IR@esrtreit.com

Empire State Realty Trust, Inc.

Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

Three Months Ended June 30,

2026 2025

Revenues

Rental revenue

$ 165,166 $ 153,540

Observatory revenue

24,225 33,899

Lease termination fees

— 464

Third-party management and other fees

268 408

Other revenue and fees

7,240 2,939

Total revenues

196,899 191,250

Operating expenses

Property operating expenses

47,774 44,880

Ground rent expenses

1,506 2,332

General and administrative expenses

25,123 18,685

Observatory expenses

11,795 9,822

Real estate taxes

32,912 32,607

Goodwill impairment charge 166,113 —

Depreciation and amortization

50,389 47,802

Total operating expenses

335,612 156,128

Total operating income (loss)

(138,713) 35,122

Other income (expense):

Interest income

1,575 1,867

Interest expense

(27,805) (25,126)

Gain on disposition of properties

124,622 —

Income (Loss) before income taxes

(40,321) 11,863

Income tax (expense) benefit

767 (478)

Net income (loss)

(39,554) 11,385

Non-controlling interest in the Operating Partnership

14,782 (3,815)

Preferred unit distributions

(1,051) (1,051)

Net income (loss) attributable to common stockholders

$ (25,823) $ 6,519

Total weighted average shares

Basic

171,039 168,368

Diluted

268,947 269,951

Earnings per share attributable to common stockholders

Basic

$ (0.15) $ 0.04

Diluted

$ (0.15) $ 0.04

Empire State Realty Trust, Inc.

Consolidated Statements of Operations

(unaudited and amounts in thousands, except per share data)

Six Months Ended June 30,

2026 2025

Revenues

Rental revenue

$ 331,271 $ 308,082

Observatory revenue

42,735 57,060

Lease termination fees

1,356 464

Third-party management and other fees

545 839

Other revenue and fees

11,317 4,871

Total revenues

387,224 371,316

Operating expenses

Property operating expenses

95,518 89,940

Ground rent expenses

3,837 4,663

General and administrative expenses

43,216 35,625

Observatory expenses

19,663 17,940

Real estate taxes

67,525 65,657

Goodwill impairment charge 166,113 —

Depreciation and amortization

100,608 96,581

Total operating expenses

496,480 310,406

Total operating income (loss)

(109,256) 60,910

Other income (expense):

Interest income

2,188 5,653

Interest expense

(55,942) (52,064)

Interest expense associated with property in receivership

— (647)

Gain on disposition of properties

124,622 13,170

Income (Loss) before income taxes

(38,388) 27,022

Income tax benefit

1,829 141

Net income (loss)

(36,559) 27,163

Non-controlling interest in the Operating Partnership

14,072 (9,323)

Preferred unit distributions

(2,101) (2,101)

Net income (loss) attributable to common stockholders

$ (24,588) $ 15,739

Total weighted average shares

Basic

171,101 167,644

Diluted

268,870 269,739

Earnings per share attributable to common stockholders

Basic

$ (0.14) $ 0.09

Diluted

$ (0.14) $ 0.09

Empire State Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Funds From Operations (“FFO”),

Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)

(unaudited and amounts in thousands, except per share data)

Three Months Ended June 30,

2026 2025

Net income (loss)

$ (39,554) $ 11,385

Preferred unit distributions

(1,051) (1,051)

Real estate depreciation and amortization

49,463 46,921

Gain on disposition of properties

(124,622) —

FFO attributable to common stockholders and Operating Partnership units

(115,764) 57,255

Amortization of below-market ground leases

1,249 1,958

Modified FFO attributable to common stockholders and Operating Partnership units

(114,515) 59,213

Severance expense4

5,536 —

Goodwill impairment charge 166,113 —

Core FFO attributable to common stockholders and Operating Partnership units

$ 57,134 $ 59,213

Total weighted average shares and Operating Partnership units

Basic

268,947 266,899

Diluted

268,947 269,951

FFO per share

Basic

$ (0.43) $ 0.21

Diluted

$ (0.43) $ 0.21

Modified FFO per share

Basic

$ (0.43) $ 0.22

Diluted

$ (0.43) $ 0.22

Core FFO per share

Basic

$ 0.21 $ 0.22

Diluted

$ 0.21 $ 0.22

4 Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.

Empire State Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Funds From Operations (“FFO”),

Modified Funds From Operations (“Modified FFO”) and Core Funds From Operations (“Core FFO”)

(unaudited and amounts in thousands, except per share data)

Six Months Ended June 30,

2026 2025

Net income (loss)

$ (36,559) $ 27,163

Preferred unit distributions

(2,101) (2,101)

Real estate depreciation and amortization

98,755 94,792

Gain on disposition of properties

(124,622) (13,170)

FFO attributable to common stockholders and Operating Partnership units

(64,527) 106,684

Amortization of below-market ground leases

3,207 3,916

Modified FFO attributable to common stockholders and Operating Partnership units

(61,320) 110,600

Interest expense associated with property in receivership

— 647

Severance expense5

5,536 —

Goodwill impairment charge 166,113 —

Core FFO attributable to common stockholders and Operating Partnership units

$ 110,329 $ 111,247

Total weighted average shares and Operating Partnership units

Basic

268,870 266,985

Diluted

268,870 269,739

FFO per share

Basic

$ (0.24) $ 0.40

Diluted

$ (0.24) $ 0.40

Modified FFO per share

Basic

$ (0.23) $ 0.41

Diluted

$ (0.23) $ 0.41

Core FFO per share

Basic

$ 0.41 $ 0.42

Diluted

$ 0.41 $ 0.41

5 Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.

Empire State Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI

(unaudited and amounts in thousands)

Three Months Ended June 30,

2026 2025

Net income (loss) $ (39,554) $ 11,385

Add:

General and administrative expenses 25,123 18,685

Depreciation and amortization 50,389 47,802

Interest expense 27,805 25,126

Goodwill impairment charge 166,113 —

Income tax expense (benefit) (767) 478

Less:

Gain on disposition of property (124,622) —

Third-party management and other fees (268) (408)

Interest income (1,575) (1,867)

Net operating income 102,644 101,201

Straight-line rent (12,340) (3,748)

Above/below-market rent revenue amortization (384) (840)

Below-market ground lease amortization 1,249 1,958

Total cash NOI - including Observatory and lease termination fees 91,169 98,571

Less: Observatory NOI (12,430) (24,077)

Less: cash NOI from non-Same Store properties (9,313) (6,816)

Total Same Store property cash NOI - including lease termination fees 69,426 67,678

Less: Lease termination fees — (464)

Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 69,426 $ 67,214

Observatory NOI

(unaudited and amounts in thousands)

Three Months Ended June 30,

2026 2025

Observatory revenue $ 24,225 $ 33,899

Observatory expenses 11,795 9,822

Observatory NOI, excluding intercompany rent6

$ 12,430 $ 24,077

6 The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the three months ended June 30, 2026 and June 30, 2025, the intercompany rent expense was $14,771 and $20,666, respectively.

Empire State Realty Trust, Inc.

Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI

(unaudited and amounts in thousands)

Six Months Ended June 30,

2026 2025

Net income (loss) $ (36,559) $ 27,163

Add:

General and administrative expenses 43,216 35,625

Depreciation and amortization 100,608 96,581

Interest expense 55,942 52,064

Interest expense associated with property in receivership — 647

Goodwill impairment charge 166,113 —

Less:

Income tax benefit (1,829) (141)

Gain on disposition of property (124,622) (13,170)

Third-party management and other fees (545) (839)

Interest income (2,188) (5,653)

Net operating income 200,136 192,277

Straight-line rent (19,549) (9,031)

Above/below-market rent revenue amortization (1,054) (1,638)

Below-market ground lease amortization 3,207 3,916

Total cash NOI - including Observatory and lease termination fees 182,740 185,524

Less: Observatory NOI (23,072) (39,120)

Less: cash NOI from non-Same Store properties (20,550) (14,062)

Total Same Store property cash NOI - including lease termination fees 139,118 132,342

Less: Lease termination fees (1,356) (464)

Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 137,762 $ 131,878

Observatory NOI

(unaudited and amounts in thousands)

Six Months Ended June 30,

2026 2025

Observatory revenue $ 42,735 $ 57,060

Observatory expenses 19,663 17,940

Observatory NOI, excluding intercompany rent7

$ 23,072 $ 39,120

7 The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the six months ended June 30, 2026 and June 30, 2025, the intercompany rent expense was $27,592 and $35,826, respectively.

Empire State Realty Trust, Inc.

Consolidated Balance Sheets

(unaudited and amounts in thousands)

June 30, 2026 December 31, 2025

Assets

Real estate properties, at cost

$ 4,476,248 $ 4,205,907

Less: accumulated depreciation

(1,335,719) (1,366,829)

Real estate properties, net

3,140,529 2,839,078

Cash and cash equivalents

85,605 132,657

Restricted cash

42,612 33,854

Tenant and other receivables

21,270 22,063

Deferred rent receivables

257,072 255,270

Prepaid expenses and other assets

100,394 93,355

Deferred costs, net

258,166 267,682

Right of use assets, including below-market ground leases, net

42,084 333,523

Goodwill

325,366 491,479

Total assets

$ 4,273,098 $ 4,468,961

Liabilities and equity

Mortgage notes payable, net

$ 443,102 $ 619,269

Senior unsecured notes, net

1,271,149 1,270,668

Unsecured term loan facility, net

337,125 336,794

Unsecured revolving credit facility

175,000 145,000

Accounts payable and accrued expenses

132,224 120,150

Acquired below market leases, net

36,425 39,767

Ground lease liabilities

1,063 27,944

Deferred revenue and other liabilities

50,352 59,901

Tenants’ security deposits

36,949 27,276

Total liabilities

2,483,389 2,646,769

Total equity

1,789,709 1,822,192

Total liabilities and equity

$ 4,273,098 $ 4,468,961

EX-99.2

Filename: a2q26supplement.htm · Sequence: 3

Document

Second Quarter 2026

Table of Contents Page

Summary

Supplemental Definitions

Company Profile

Consolidated Balance Sheets

Consolidated Statements of Operations

FFO, Modified FFO, Core FFO, FAD and EBITDA

Highlights

Selected Property Data

Property Summary Net Operating Income

Same Store Net Operating Income

Leasing Activity

Commercial Property Detail

Portfolio Expirations and Vacates Summary

Tenant Lease Expirations

Largest Tenants and Portfolio Tenant Diversification by Industry

Incremental Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program

Observatory Summary

Financial information

Consolidated Debt Analysis

Debt Summary

Debt Detail

Debt Maturities

Ground Lease

Forward-looking Statements

This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We intend these forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts and can generally be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “estimate,” “may,” “will,” “should,” “would,” and similar expressions.

Forward-looking statements are based on our current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others: economic and market conditions (including the impact of catastrophic events, pandemics, extreme weather, terrorism, armed hostilities, cybersecurity threats and other technology disruptions); increased costs due to tariffs or other economic factors; changes in the New York City office, retail, multifamily and tourism markets (including changes in the use of office space and remote work); leasing activity, tenant defaults, early terminations and renewals, occupancy levels and rental rates; performance of the Observatory (including tourism levels, currency and geopolitical impacts, weather and competition); interest rate volatility and capital markets conditions, including our ability to refinance, restructure or extend indebtedness; real estate valuation declines and potential impairment charges; our ability to execute capital projects and complete acquisitions on acceptable terms; risks relating to governmental regulation, environmental and climate-related requirements (including Local Law 97), and our ability to achieve sustainability goals and metrics; risks relating to our ground leases; our ability to maintain our qualification as a REIT; potential taxable gain arising from transactions structured to qualify under Section 1031; legal proceedings; and risks relating to our disclosure controls and internal control over financial reporting. For a discussion of these and other factors, see the section entitled “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2025 and any additional factors that may be contained in any filing we make with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this presentation. We undertake no obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances, except as required by law.

Page 2

Second Quarter 2026

Supplemental Definitions

Funds From Operations

We compute Funds From Operations ("FFO") in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-off of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations

Core Funds From Operations

Core Funds Available for Distribution

Net Operating Income and Property Cash NOI

Net Operating Income ("NOI") is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by: (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, loss on early extinguishment of debt, impairment charges and loss from derivative financial instruments, or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from NOI because it is specific to the particular financing capabilities and constraints of the owner and is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office, retail or multifamily properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly-timed purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. In some cases, the Company also presents (1) Property Cash NOI, which excludes Observatory NOI and the effects of straight-line rent, fair value lease revenue, and straight-line ground rent expense adjustment, and (2) Property Cash NOI excluding lease termination fees. Property Cash NOI is presented solely as a supplemental disclosure that management believes allows investors to compare NOI performance across periods without taking into account the effect of certain non-cash rental revenues and straight-line ground rent expense adjustment. Similar to depreciation and amortization expense, fair value lease revenues, because of historical cost accounting, may distort operating performance measures at the property level. Additionally, presenting NOI excluding the impact of straight-line rent and straight-line ground rent expense adjustment provides investors with an alternative view of operating performance at the property level that more closely reflects net cash generated in the portfolio. Presenting Property Cash NOI excluding lease termination fees provides investors with additional information that allows them to compare operating performance between periods without taking into account termination fees, which can distort the results for any given period because they generally represent multiple months or years of a tenant’s rental obligations that are paid in a lump sum in connection with a negotiated early termination of the tenant’s lease and are not reflective of the core ongoing operating performance of the Company’s portfolio. However, the usefulness of NOI, Property Cash NOI, and Property Cash NOI excluding lease termination fees is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI and Property Cash NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI and Property Cash NOI are measurements of the operating performance of our properties but do not measure our performance as a whole. These metrics therefore are not substitutes for net income as computed in accordance with GAAP. These measures should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI, Property Cash NOI or similarly titled measures and, accordingly, our measures may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Page 3

Second Quarter 2026

Supplemental Definitions

Same Store

In the Company’s analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were owned by the Company throughout each period presented. The Company refers to properties acquired prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented as “Same Store”. Same Store therefore excludes properties acquired after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store. The Company’s definition of Same Store also excludes properties held-for-sale or those which we otherwise expect to dispose of in the subsequent quarter and properties placed in receivership. For mixed-use properties, all same store property NOI is represented in the property category that comprises the majority of that mixed-use property's NOI. As of June 30, 2026, Same Store excludes 86-90 North Sixth Street, which was acquired in June 2025, 41-55 North Sixth Street, which was acquired in March 2026, 130 Mercer, SoHo, NY, which was acquired in December 2025, Metro Center, Stamford, CT, which was disposed in December 2025, and 250 West 57th Street, which was disposed in June 2026. Prior period Same Store NOI has been adjusted to reflect properties added to or removed from Same Store in the current period as a result of the Company’s acquisition and disposition activity, as applicable.

EBITDA and Adjusted EBITDA

Net Debt to Adjusted EBITDA

Page 4

Second Quarter 2026

COMPANY PROFILE

BOARD OF DIRECTORS

Anthony E. Malkin Chairman and Chief Executive Officer

Steven J. Gilbert Director, Lead Independent Director, Chair of the Compensation Committee

S. Michael Giliberto Director

Patricia S. Han Director

Grant H. Hill Director

R. Paige Hood Director, Chair of the Finance Committee

George L. W. Malkin Director

James D. Robinson IV Director, Chair of the Nominating and Corporate Governance Committee

Christina Van Tassell Director, Chair of the Audit Committee

Hannah Yang Director

EXECUTIVE MANAGEMENT

Anthony E. Malkin Chairman and Chief Executive Officer

Christina Chiu President

Steve Horn Executive Vice President, Chief Financial Officer

COMPANY INFORMATION

Corporate Headquarters Investor Relations New York Stock Exchange

111 West 33rd Street, 12th Floor IR@esrtreit.com

Trading Symbol: ESRT

New York, NY 10120

www.esrtreit.com

(212) 687-8700

RESEARCH COVERAGE

BMO Capital Markets Corp. John Kim (212) 885-4115 jp.kim@bmo.com

BTIG Thomas Catherwood (212) 738-6140 tcatherwood@btig.com

Citi Seth Bergey (212) 816-2066 seth.bergey@citi.com

Evercore ISI Steve Sakwa (212) 446-9462 steve.sakwa@evercoreisi.com

Green Street Advisors Dylan Burzinski (949) 640-8780 dburzinski@greenstreetadvisors.com

Wells Fargo Securities, LLC Blaine Heck (443) 263-6529 blaine.heck@wellsfargo.com

Wolfe Research Ally Yaseen (646) 582-9253 ayaseen@wolferesearch.com

Page 5

Second Quarter 2026

Consolidated Balance Sheet

(unaudited and dollars in thousands)

Assets June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Real estate properties, at cost $ 4,476,248 $ 4,267,420 $ 4,205,907 $ 3,940,755 $ 3,903,950

Less: accumulated depreciation (1,335,719) (1,400,827) (1,366,829) (1,381,726) (1,341,144)

Real estate properties, net 3,140,529 2,866,593 2,839,078 2,559,029 2,562,806

Cash and cash equivalents 85,605 68,820 132,657 154,113 94,643

Restricted cash 42,612 37,326 33,854 43,642 42,084

Tenant and other receivables 21,270 23,667 22,063 27,416 28,124

Deferred rent receivables 257,072 261,275 255,270 259,070 255,272

Prepaid expenses and other assets 100,394 62,849 93,355 58,679 85,083

Deferred costs, net 258,166 262,212 267,682 177,307 181,694

Right of use assets, including below-market ground leases, net 42,084 331,503 333,523 335,544 337,565

Goodwill 325,366 491,479 491,479 491,479 491,479

Total assets $ 4,273,098 $ 4,405,724 $ 4,468,961 $ 4,106,279 $ 4,078,750

Liabilities and Equity

Mortgage notes payable, net $ 443,102 $ 621,392 $ 619,269 $ 691,046 $ 691,440

Senior unsecured notes, net 1,271,149 1,270,909 1,270,668 1,097,498 1,097,355

Unsecured term loan facility, net 337,125 336,972 336,794 268,959 268,883

Unsecured revolving credit facility 175,000 90,000 145,000 — —

Accounts payable and accrued expenses 132,224 111,918 120,150 111,732 104,315

Acquired below-market leases, net 36,425 37,948 39,767 15,875 17,081

Ground lease liabilities 1,063 27,882 27,944 28,007 28,070

Deferred revenue and other liabilities 50,352 57,601 59,901 64,191 55,343

Tenants' security deposits 36,949 26,964 27,276 30,751 27,015

Total liabilities 2,483,389 2,581,586 2,646,769 2,308,059 2,289,502

Total equity 1,789,709 1,824,138 1,822,192 1,798,220 1,789,248

Total liabilities and equity $ 4,273,098 $ 4,405,724 $ 4,468,961 $ 4,106,279 $ 4,078,750

Page 6

Second Quarter 2026

Consolidated Statements of Operations

(unaudited and in thousands, except per share amounts)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Revenues

Rental revenue (1)

$ 165,166 $ 166,105 $ 159,721 $ 158,410 $ 153,540

Observatory revenue 24,225 18,510 35,232 36,037 33,899

Lease termination fees — 1,356 — — 464

Third-party management and other fees 268 277 240 404 408

Other revenue and fees 7,240 4,077 4,031 2,879 2,939

Total revenues 196,899 190,325 199,224 197,730 191,250

Operating expenses

Property operating expenses 47,774 47,744 47,817 46,957 44,880

Ground rent expenses 1,506 2,331 2,332 2,331 2,332

General and administrative expenses 25,123 18,093 18,474 18,743 18,685

Observatory expenses 11,795 7,868 10,787 9,510 9,822

Real estate taxes 32,912 34,613 33,842 33,241 32,607

Goodwill impairment charge 166,113 — — — —

Depreciation and amortization 50,389 50,219 50,566 47,615 47,802

Total operating expenses 335,612 160,868 163,818 158,397 156,128

Total operating income (loss) (138,713) 29,457 35,406 39,333 35,122

Other income (expense)

Interest income 1,575 613 1,949 1,146 1,867

Interest expense (27,805) (28,137) (25,880) (25,189) (25,126)

Loss on early extinguishment of debt — — (97) — —

Gain on disposition of property 124,622 — 21,848 — —

Income (Loss) before income taxes (40,321) 1,933 33,226 15,290 11,863

Income tax (expense) benefit 767 1,062 (1,054) (1,645) (478)

Net income (loss) (39,554) 2,995 32,172 13,645 11,385

Non-controlling interests in the Operating Partnership 14,782 (710) (11,446) (4,610) (3,815)

Private perpetual preferred unit distributions (1,051) (1,050) (1,050) (1,050) (1,051)

Net income (loss) attributable to common stockholders $ (25,823) $ 1,235 $ 19,676 $ 7,985 $ 6,519

Weighted average common shares outstanding

Basic 171,039 170,673 168,693 169,250 168,368

Diluted 268,947 269,348 270,328 270,357 269,951

Earnings per share attributable to common stockholders

Basic $ (0.15) $ 0.01 $ 0.12 $ 0.05 $ 0.04

Diluted $ (0.15) $ 0.01 $ 0.12 $ 0.05 $ 0.04

Dividends per share $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.035

Note:

(1) The following table reflects the components of rental revenue:

Three Months Ended

Rental Revenue June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Base rent $ 142,888 $ 144,296 $ 138,956 $ 136,371 $ 133,987

Billed tenant expense reimbursement 22,278 21,809 20,765 22,039 19,553

Total rental revenue $ 165,166 $ 166,105 $ 159,721 $ 158,410 $ 153,540

The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.

Page 7

Second Quarter 2026

FFO, Modified FFO, Core FFO, Core FAD and EBITDA

(unaudited and in thousands, except per share amounts)

Three Months Ended

Reconciliation of Net Income (Loss) to FFO, Modified FFO, and Core FFO June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Net Income (loss) $ (39,554) $ 2,995 $ 32,172 $ 13,645 $ 11,385

Preferred unit distributions (1,051) (1,050) (1,050) (1,050) (1,051)

Real estate depreciation and amortization 49,463 49,292 49,689 46,741 46,921

Gain on disposition of property (124,622) — (21,848) — —

FFO attributable to common stockholders and the Operating Partnership (115,764) 51,237 58,963 59,336 57,255

Amortization of below-market ground lease 1,249 1,958 1,958 1,957 1,958

Modified FFO attributable to common stockholders and the Operating Partnership (114,515) 53,195 60,921 61,293 59,213

Severance expenses(1)

5,536 — — — —

Loss on early extinguishment of debt — — 97 — —

Goodwill impairment charge 166,113 — — — —

IPO litigation expense(1)

— — 632 — —

Core FFO attributable to common stockholders and the Operating Partnership $ 57,134 $ 53,195 $ 61,650 $ 61,293 $ 59,213

Total weighted average shares and Operating Partnership units

Basic 268,947 268,792 266,825 266,963 266,899

Diluted 268,947 269,348 270,328 270,357 269,951

FFO attributable to common stockholders and the Operating Partnership per share and unit

Basic $ (0.43) $ 0.19 $ 0.22 $ 0.22 $ 0.21

Diluted $ (0.43) $ 0.19 $ 0.22 $ 0.22 $ 0.21

Modified FFO attributable to common stockholders and the Operating Partnership per share and unit

Basic $ (0.43) $ 0.20 $ 0.23 $ 0.23 $ 0.22

Diluted $ (0.43) $ 0.20 $ 0.23 $ 0.23 $ 0.22

Core FFO attributable to common stockholders and the Operating Partnership per share and unit

Basic $ 0.21 $ 0.20 $ 0.23 $ 0.23 $ 0.22

Diluted $ 0.21 $ 0.20 $ 0.23 $ 0.23 $ 0.22

(1) Included as a component of general and administrative expenses in the accompanying consolidated statements of operations.

Reconciliation of Core FFO to Core FAD

Core FFO $ 57,134 $ 53,195 $ 61,650 $ 61,293 $ 59,213

Add:

Amortization of deferred financing costs 1,111 1,262 1,172 1,082 1,080

Non-real estate depreciation and amortization 926 927 877 874 880

Amortization of non-cash compensation expense 7,755 5,872 6,807 6,484 6,900

Amortization of loss on interest rate derivative 1,311 1,385 1,386 1,385 1,386

Deduct:

Straight-line rental revenues, above/below market rent, and other non-cash adjustments (13,044) (8,201) (5,380) (5,832) (4,913)

Corporate capital expenditures (210) (264) (772) (218) (234)

Tenant improvements - second generation (24,720) (13,159) (21,406) (15,979) (36,890)

Building improvements - second generation (2,676) (4,765) (4,704) (5,571) (7,868)

Leasing commissions - second generation (11,435) (3,722) (8,730) (3,144) (7,605)

Core FAD $ 16,152 $ 32,530 $ 30,900 $ 40,374 $ 11,949

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

Net income (loss) $ (39,554) $ 2,995 $ 32,172 $ 13,645 $ 11,385

Interest expense 27,805 28,137 25,880 25,189 25,126

Income tax expense (benefit) (767) (1,062) 1,054 1,645 478

Depreciation and amortization 50,389 50,219 50,566 47,615 47,802

EBITDA 37,873 80,289 109,672 88,094 84,791

Gain on disposition of property (124,622) — (21,848) — —

Goodwill impairment charge 166,113 — — — —

Adjusted EBITDA $ 79,364 $ 80,289 $ 87,824 $ 88,094 $ 84,791

Page 8

Second Quarter 2026

Highlights

(unaudited and dollars and shares in thousands, except per share amounts)

Three Months Ended

Office and Retail Metrics: June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Total rentable square footage(1)

7,801,494 8,340,647 8,324,766 8,603,750 8,611,559

Percent occupied (1)(2)

89.4 % 88.2 % 90.3 % 90.0 % 89.2 %

Percent leased (1)(3)

94.9 % 93.2 % 93.6 % 92.6 % 93.1 %

Multifamily Metrics:

Total number of units 743 743 743 743 743

Percent occupied 97.7 % 96.4 % 97.8 % 98.6 % 98.6 %

Same Store Property Cash Net Operating Income (NOI) - excluding lease termination fees:

Office portfolio $ 59,621 $ 58,752 $ 59,544 $ 59,200 $ 58,091

Retail portfolio 4,588 4,516 4,338 4,136 3,950

Multifamily portfolio 5,217 5,068 5,128 5,284 5,173

Total Same Store Property Cash NOI, excluding lease termination fees $ 69,426 $ 68,336 $ 69,010 $ 68,620 $ 67,214

Observatory Metrics:

Observatory NOI, excluding intercompany rent $ 12,430 $ 10,642 $ 24,445 $ 26,527 $ 24,077

Number of visitors (4)

450,000 350,000 618,000 648,000 629,000

Change in visitors year-over-year (28.5) % (18.2) % (13.9) % (10.9) % (2.9) %

Ratios:

Debt to Total Market Capitalization (5)

58.0 % 60.0 % 55.7 % 48.2 % 46.9 %

Net Debt to Total Market Capitalization (5)

57.1 % 59.2 % 54.3 % 46.3 % 45.8 %

Debt and Perpetual Preferred Units to

Total Market Capitalization (5)

60.3 % 62.2 % 57.8 % 50.3 % 49.0 %

Net Debt and Perpetual Preferred Units to

Total Market Capitalization (5)

59.4 % 61.6 % 56.4 % 48.5 % 47.8 %

Debt to Adjusted EBITDA (6)

6.8x 6.5x 6.7x 6.0x 5.8x

Net Debt to Adjusted EBITDA (6)

6.6x 6.3x 6.3x 5.6x 5.6x

Core FFO Payout Ratio (7)

17 % 18 % 16 % 16 % 16 %

Core FAD Payout Ratio (8)

60 % 30 % 32 % 24 % 82 %

Core FFO per share - diluted $ 0.21 $ 0.20 $ 0.23 $ 0.23 $ 0.22

Diluted weighted average shares 268,947 269,348 270,328 270,357 269,951

Class A common stock price at quarter end $ 5.41 $ 5.20 $ 6.52 $ 7.66 $ 8.09

Dividends declared and paid per share $ 0.035 $ 0.035 $ 0.035 $ 0.035 $ 0.035

Dividends per share - annualized $ 0.14 $ 0.14 $ 0.14 $ 0.14 $ 0.14

Dividend yield (9)

2.6 % 2.7 % 2.1 % 1.8 % 1.7 %

Series 2014 Private Perpetual Preferred Units outstanding

($16.62 liquidation value) 1,560 1,560 1,560 1,560 1,560

Series 2019 Private Perpetual Preferred Units outstanding

($13.52 liquidation value) 4,664 4,664 4,664 4,664 4,664

Class A common stock 171,790 171,089 169,523 168,970 168,301

Class B common stock (10)

968 970 972 972 975

Operating partnership units 110,470 110,971 107,225 108,674 109,308

Total common stock and operating partnership units

outstanding (11)

283,228 283,030 277,720 278,616 278,584

Notes:

(1) Rentable square footage, percent occupied, and percent leased excludes approximately 15,000 square feet of space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which is under redevelopment, and approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.

(2) Based on leases signed and commenced as of end of period. Percent occupied excludes storage and broadcasting space.

(3) Represents occupancy and includes signed leases not commenced. Percent leased excludes storage and broadcasting space.

(4) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.

(5) Market capitalization represents the sum of (i) Company's common stock per share price as of period end multiplied by the total outstanding number of shares of common stock and operating partnership units as of period end, (ii) the number of Series 2014 perpetual preferred units at period end multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at period end multiplied by $13.52, and (iv) our outstanding indebtedness as of period end.

(6) Calculated based on trailing twelve months Adjusted EBITDA, excluding the trailing twelve months Adjusted EBITDA attributable to properties disposed of in the trailing twelve months, and including an implied annualized Adjusted EBITDA for properties acquired in the trailing twelve months that were financed, in whole or in part, with indebtedness, derived from its purchase price and asset value calculated in accordance with our credit facility agreement.

(7) Represents the amount of Core FFO paid out in distributions.

(8) Quarterly Core FAD may fluctuate significantly due to the timing of capital expenditures and leasing commission costs.

(9) Based on the closing price per share of Class A common stock as of the period end.

(10) We have two classes of common stock as a means to give our OP Unit holders voting rights in the public company that correspond to their economic interest in the combined entity. A one-time option was created at our formation transactions for any pre-IPO OP Unit holder to exchange one OP Unit out of every 50 OP Units they owned for one Class B share, and such Class B share carries 50 votes to the extent such holder continues to hold 49 OP units for every Class B share.

(11) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 9

Second Quarter 2026

Property Summary - Same Store NOI

(unaudited and dollars in thousands)

Three Months Ended Six Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Same Store Portfolio(1)

Revenues $ 155,724 $ 150,725 $ 149,858 $ 148,144 $ 143,182 $ 306,449 $ 287,402

Operating expenses (76,620) (78,618) (77,478) (75,412) (72,987) (155,238) (148,232)

Same store property NOI 79,104 72,107 72,380 72,732 70,195 151,211 139,170

Straight-line rent (10,513) (5,113) (4,506) (5,249) (4,100) (15,626) (9,570)

Above/below-market rent revenue amortization (414) (616) (822) (821) (839) (1,030) (1,638)

Below-market ground lease amortization 1,249 1,958 1,958 1,958 1,958 3,207 3,916

Total same store property cash NOI - excluding lease termination fees $ 69,426 $ 68,336 $ 69,010 $ 68,620 $ 67,214 $ 137,762 $ 131,878

Percent change over prior year 3.3 % 5.7 % 2.5 % 2.3 % (2.7) % 4.5 % (1.2) %

Total same store property cash NOI - excluding lease termination fees $ 69,426 $ 68,336 $ 69,010 $ 68,620 $ 67,214 $ 137,762 $ 131,878

Lease termination fees — 1,356 — — 464 1,356 464

Total same store property cash NOI $ 69,426 $ 69,692 $ 69,010 $ 68,620 $ 67,678 $ 139,118 $ 132,342

Same Store Office(1),(2)

Revenues $ 138,479 $ 133,634 $ 132,409 $ 131,092 $ 126,230 $ 272,113 $ 253,540

Operating expenses (69,584) (71,671) (70,257) (68,479) (66,128) (141,255) (134,140)

Same store property NOI 68,895 61,963 62,152 62,613 60,102 130,858 119,400

Straight-line rent (10,220) (4,696) (3,955) (4,761) (3,340) (14,916) (8,124)

Above/below-market rent revenue amortization (303) (473) (611) (610) (629) (776) (1,216)

Below-market ground lease amortization 1,249 1,958 1,958 1,958 1,958 3,207 3,916

Total same store property cash NOI - excluding lease termination fees 59,621 58,752 59,544 59,200 58,091 118,373 113,976

Lease termination fees — 1,356 — — 464 1,356 464

Total same store property cash NOI $ 59,621 $ 60,108 $ 59,544 $ 59,200 $ 58,555 $ 119,729 $ 114,440

Same Store Retail(1)

Revenues $ 7,299 $ 7,149 $ 7,294 $ 6,972 $ 7,106 $ 14,448 $ 14,370

Operating expenses (2,277) (2,046) (2,200) (2,147) (2,194) (4,323) (4,434)

Same store property NOI 5,022 5,103 5,094 4,825 4,912 10,125 9,936

Straight-line rent (271) (388) (487) (420) (693) (659) (1,312)

Above/below-market rent revenue amortization (163) (199) (269) (269) (269) (362) (538)

Below-market ground lease amortization — — — — — — —

Total same store property cash NOI - excluding lease termination fees 4,588 4,516 4,338 4,136 3,950 9,104 8,086

Total same store property cash NOI $ 4,588 $ 4,516 $ 4,338 $ 4,136 $ 3,950 $ 9,104 $ 8,086

Same Store Multifamily(1),(3)

Revenues $ 9,946 $ 9,942 $ 10,155 $ 10,080 $ 9,846 $ 19,888 $ 19,492

Operating expenses (4,759) (4,901) (5,021) (4,786) (4,665) (9,660) (9,658)

Same store property NOI 5,187 5,041 5,134 5,294 5,181 10,228 9,834

Straight-line rent (22) (29) (64) (68) (67) (51) (134)

Above/below-market rent revenue amortization 52 56 58 58 59 108 116

Below-market ground lease amortization — — — — — — —

Total same store property cash NOI - excluding lease termination fees 5,217 5,068 5,128 5,284 5,173 10,285 9,816

Total same store property cash NOI $ 5,217 $ 5,068 $ 5,128 $ 5,284 $ 5,173 $ 10,285 $ 9,816

Notes:

(1) Revenues include the same-store portion of Rental revenue and Other revenue and fees. Operating expenses include the same-store portion of Property operating expenses, Ground rent expenses, and Real estate taxes.

(2) Includes 409,281 rentable square feet of retail space in eight of the Company’s Same Store office properties.

(3) Includes 25,887 rentable square feet of retail space in the Company’s multifamily properties.

Page 10

Second Quarter 2026

Same Store NOI

(unaudited and dollars in thousands)

Three Months Ended Six Months Ended

Reconciliation of Net Income (Loss) to Cash NOI and Same Store Cash NOI June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2026 June 30,

2025

Net income (loss) $ (39,554) $ 2,995 $ 32,172 $ 13,645 $ 11,385 $ (36,559) $ 27,163

Add:

General and administrative expenses 25,123 18,093 18,474 18,743 18,685 43,216 35,625

Depreciation and amortization 50,389 50,219 50,566 47,615 47,802 100,608 96,581

Interest expense 27,805 28,137 25,880 25,189 25,126 55,942 52,064

Interest expense associated with property in receivership — — — — — — 647

Loss on early extinguishment of debt — — 97 — — — —

Goodwill impairment charge 166,113 — — — — 166,113 —

Income tax expense (benefit) (767) (1,062) 1,054 1,645 478 (1,829) (141)

Less:

Gain on disposition of property (124,622) — (21,848) — — (124,622) (13,170)

Third-party management and other fees (268) (277) (240) (404) (408) (545) (839)

Interest income (1,575) (613) (1,949) (1,146) (1,867) (2,188) (5,653)

Net operating income 102,644 97,492 104,206 105,287 101,201 200,136 192,277

Straight-line rent (12,340) (7,209) (4,320) (4,688) (3,748) (19,549) (9,031)

Above/below-market rent revenue amortization (384) (670) (737) (821) (840) (1,054) (1,638)

Below-market ground lease amortization 1,249 1,958 1,958 1,957 1,958 3,207 3,916

Total cash NOI - including Observatory and lease termination fees 91,169 91,571 101,107 101,735 98,571 182,740 185,524

Less: Observatory NOI, excluding intercompany rent (12,430) (10,642) (24,445) (26,527) (24,077) (23,072) (39,120)

Less: cash NOI from non-Same Store properties (9,313) (11,237) (7,652) (6,588) (6,816) (20,550) (14,062)

Total Same Store property cash NOI - including lease termination fees 69,426 69,692 69,010 68,620 67,678 139,118 132,342

Less: Lease termination fees — (1,356) — — (464) (1,356) (464)

Total Same Store property cash NOI - excluding Observatory and lease termination fees $ 69,426 $ 68,336 $ 69,010 $ 68,620 $ 67,214 $ 137,762 $ 131,878

Page 11

Second Quarter 2026

Property Summary - Leasing Activity by Quarter

(unaudited)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Total Office and Retail Portfolio(1)

Total leases executed 21 11 27 16 22

Weighted average lease term 9.7 years 12.2 years 6.7 years 8.1 years 9.9 years

Average free rent period 9.5 months 13.9 months 2.9 months 6.0 months 7.6 months

Office

Total square footage executed 363,968 90,687 333,451 71,859 221,776

Average starting cash rent psf - leases executed $ 72.75 $ 59.46 $ 73.63 $ 69.97 $ 71.21

Previously escalated cash rents psf $ 61.75 $ 55.66 $ 69.20 $ 67.33 $ 63.50

Percentage of new cash rent over previously escalated rents 17.8 % 6.8 % 6.4 % 3.9 % 12.1 %

Retail

Total square footage executed 17,831 22,797 125,022 16,021 10,332

Average starting cash rent psf - leases executed $ 502.26 $ 135.49 $ 81.43 $ 128.33 $ 268.92

Previously escalated cash rents psf $ 677.47 $ 137.03 $ 83.81 $ 145.48 $ 316.28

Percentage of new cash rent over previously escalated rents (25.9) % (1.1) % (2.8) % (11.8) % (15.0) %

Total Office and Retail Portfolio

Total square footage executed 381,799 113,484 458,473 87,880 232,108

Average starting cash rent psf - leases executed $ 95.04 $ 74.73 $ 75.61 $ 80.61 $ 80.01

Previously escalated cash rents psf $ 93.69 $ 72.01 $ 72.90 $ 81.57 $ 74.75

Percentage of new cash rent over previously escalated rents 1.4 % 3.8 % 3.7 % (1.2) % 7.0 %

Leasing commission costs per square foot $ 34.18 $ 32.21 $ 21.53 $ 33.24 $ 31.62

Tenant improvement costs per square foot 85.35 104.97 33.61 59.60 86.85

Total LC and TI per square foot(2)

$ 119.53 $ 137.18 $ 55.14 $ 92.84 $ 118.47

Total LC and TI per square foot per year of weighted average lease term $ 12.34 $ 11.24 $ 8.25 $ 11.48 $ 11.93

Occupancy(3),(4)

89.4 % 88.2 % 90.3 % 90.0 % 89.2 %

Manhattan Office Portfolio

Total leases executed 17 9 18 14 18

Office - New Leases

Total square footage executed 252,344 83,397 106,311 26,430 202,499

Average starting cash rent psf - leases executed $ 74.26 $ 58.54 $ 70.97 $ 68.56 $ 72.28

Previously escalated cash rents psf $ 63.97 $ 55.27 $ 62.55 $ 67.69 $ 63.11

Percentage of new cash rent over previously escalated rents 16.1 % 5.9 % 13.5 % 1.3 % 14.5 %

Office - Renewal Leases(1)

Current Renewals 111,624 7,290 14,542 30,907 19,277

Early Renewals — — 212,598 14,522 —

Total square footage executed 111,624 7,290 227,140 45,429 19,277

Average starting cash rent psf - leases executed $ 69.87 $ 70.00 $ 74.88 $ 70.80 $ 59.97

Previously escalated cash rents psf $ 57.47 $ 60.19 $ 72.31 $ 67.11 $ 67.51

Percentage of new cash rent over previously escalated rents 21.6 % 16.3 % 3.6 % 5.5 % (11.2) %

Total Manhattan Office Portfolio

Total square footage executed 363,968 90,687 333,451 71,859 221,776

Average starting cash rent psf - leases executed $ 72.75 $ 59.46 $ 73.63 $ 69.97 $ 71.21

Previously escalated cash rents psf $ 61.75 $ 55.66 $ 69.20 $ 67.33 $ 63.50

Percentage of new cash rent over previously escalated rents 17.8 % 6.8 % 6.4 % 3.9 % 12.1 %

Leasing commission costs per square foot $ 30.09 $ 23.49 $ 14.38 $ 20.16 $ 28.97

Tenant improvement costs per square foot 88.96 105.06 36.36 47.79 89.60

Total LC and TI per square foot(2)

$ 119.05 $ 128.55 $ 50.74 $ 67.95 $ 118.57

Total LC and TI per square foot per year of weighted average lease term $ 12.23 $ 12.30 $ 10.01 $ 10.76 $ 11.79

Occupancy(3),(4)

89.1 % 87.9 % 89.9 % 90.3 % 89.5 %

(Table continued on next page)

Page 12

Second Quarter 2026

Property Summary - Leasing Activity by Quarter - (Continued)

(unaudited)

Three Months Ended

June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Retail Portfolio

Total leases executed 4 2 9 2 4

Total square footage executed 17,831 22,797 125,022 16,021 10,332

Average starting cash rent psf - leases executed $ 502.26 $ 135.49 $ 81.43 $ 128.33 $ 268.92

Previously escalated cash rents psf $ 677.47 $ 137.03 $ 83.81 $ 145.48 $ 316.28

Percentage of new cash rent over previously escalated rents (25.9) % (1.1) % (2.8) % (11.8) % (15.0) %

Leasing commission costs per square foot $ 117.64 $ 66.91 $ 40.58 $ 91.92 $ 88.59

Tenant improvement costs per square foot 11.81 104.62 26.29 112.59 27.88

Total LC and TI per square foot(2)

$ 129.45 $ 171.53 $ 66.87 $ 204.51 $ 116.47

Total LC and TI per square foot per year of weighted average lease term $ 14.92 $ 8.95 $ 6.09 $ 12.74 $ 16.15

Occupancy(3),(4)

92.8 % 91.2 % 94.4 % 92.8 % 91.7 %

Multifamily Portfolio

Percent occupied 97.7 % 96.4 % 97.8 % 98.6 % 98.6 %

Total number of units 743 743 743 743 743

Notes:

(1) Includes Early Renewals which are leases that were signed over two years prior to the lease expiration.

(2) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they are paid.

(3) All occupancy rates exclude broadcasting and storage space.

(4) As applicable, excludes approximately 15,000 square feet of retail space under redevelopment related to the June 2025 acquisition of 86-90 North 6th Street, approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which is under redevelopment, and approximately 22,000 square feet of retail space related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.

Page 13

Second Quarter 2026

Commercial Property Detail

(unaudited)

Property Name Location or Sub-Market

Rentable Square Feet (1)

Percent Occupied (2),(3)

Percent Leased (3),(4)

Annualized Rent (5)

Annualized Rent per Occupied Square Foot (6)

Number of Leases (7)

Office (8)

The Empire State Building Penn Station -Times Sq. South 2,709,234 88.7 % 96.7 % $ 174,007,507 $ 72.89 146

One Grand Central Place Grand Central 1,246,427 88.9 % 92.0 % 74,237,071 67.14 113

501 Seventh Avenue Penn Station -Times Sq. South 457,545 70.7 % 80.9 % 18,478,882 56.96 12

Broadway Campus

1400 Broadway (9)

Penn Station -Times Sq. South 917,281 92.9 % 96.8 % 54,310,090 63.79 17

111 West 33rd Street (9)

Penn Station -Times Sq. South 640,755 94.6 % 98.9 % 44,010,949 72.57 22

1359 Broadway Penn Station -Times Sq. South 456,634 87.1 % 93.4 % 24,296,014 61.27 30

1350 Broadway (10)

Penn Station -Times Sq. South 384,128 97.8 % 100.0 % 23,004,640 61.40 52

1333 Broadway Penn Station -Times Sq. South 297,126 89.8 % 89.8 % 15,781,561 59.17 11

Total Broadway Campus 2,695,924 92.7 % 96.4 % 161,403,254 64.67 132

Total/Weighted Average Office Properties 7,109,130 89.1 % 94.8 % 428,126,714 67.82 403

Retail Properties (8)

North Sixth Street Collection(11)

Williamsburg - Brooklyn 87,355 97.5 % 97.5 % 13,331,011 156.56 17

The Empire State Building Penn Station -Times Sq. South 85,455 52.8 % 77.6 % 5,737,152 127.05 10

One Grand Central Place Grand Central 70,780 100.0 % 100.0 % 8,767,891 123.88 12

1542 Third Avenue Upper East Side 58,161 100.0 % 100.0 % 3,097,164 53.25 4

10 Union Square East Union Square 58,049 88.2 % 88.2 % 8,145,604 159.07 8

1010 Third Avenue Upper East Side 28,243 100.0 % 100.0 % 3,138,996 111.14 1

501 Seventh Avenue Penn Station -Times Sq. South 27,213 100.0 % 100.0 % 1,977,246 72.66 9

77 West 55th Street Midtown 25,388 100.0 % 100.0 % 2,082,394 82.02 3

561 10th Avenue Hudson Yards 11,822 100.0 % 100.0 % 1,841,023 155.73 2

298 Mulberry Street NoHo 10,365 100.0 % 100.0 % 1,984,904 191.50 1

345 East 94th Street Upper East Side 3,700 100.0 % 100.0 % 276,126 74.63 1

Broadway Campus

112 West 34th Street (9)

Penn Station -Times Sq. South 93,057 100.0 % 100.0 % 26,022,498 279.64 4

1333 Broadway Penn Station -Times Sq. South 67,001 100.0 % 100.0 % 10,507,517 156.83 4

1359 Broadway Penn Station -Times Sq. South 29,247 99.4 % 100.0 % 2,273,059 78.16 5

1350 Broadway (10)

Penn Station -Times Sq. South 19,511 100.0 % 100.0 % 4,148,077 212.60 6

1400 Broadway (9)

Penn Station -Times Sq. South 17,017 100.0 % 100.0 % 2,092,359 122.96 7

Total Broadway Campus 225,833 99.9 % 100.0 % 45,043,510 199.60 26

Total/Weighted Average Retail Properties 692,364 92.8 % 95.9 % 95,423,021 148.44 94

Portfolio Total 7,801,494 89.4 % 94.9 % $ 523,549,735 $ 75.27 497

Notes:

(1) Excludes (i) 164,403 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,765 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(2) Based on leases signed and commenced as of June 30, 2026.

(3) Percent occupied and percent leased exclude 97,975 rentable square feet of broadcasting and storage space.

(4) Includes occupied space plus leases signed but not commenced as of June 30, 2026.

(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(6) Represents annualized rent under leases commenced as of June 30, 2026 divided by occupied square feet.

(7) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(8) Excludes approximately 396,000 square feet of space, comprised of 368,000 square feet of office space and 28,000 square feet of retail space, related to the December 2025 acquisition of 130 Mercer Street, which is under redevelopment. As of June 30, 2026, the percent occupied was 70.6% and the percent leased was 80.6%, which was comprised of 68.3% occupied and 79.0% leased for office space and 100% occupied and leased for retail space.

(9) During Q2 2026, the Company purchased land underlying its 111 West 33rd Street and 1400 Broadway properties, which carried remaining ground lease terms of approximately 51 years expiring June 10, 2077, and 38 years expiring December 31, 2063, respectively, for an aggregate purchase price of $110 million.

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years (expiring July 31, 2050).

(11) Excludes approximately 15,000 square feet of space related to the June 30, 2025 acquisition of 86-90 North 6th Street, which is under redevelopment. As of June 30, 2026, the percent occupied and percent leased were 0% and 49.5%, respectively. In addition, excludes approximately 22,000 square feet related to the March 2026 acquisition of 41-55 North 6th Street, which is newly constructed and currently vacant.

Page 14

Second Quarter 2026

Total Portfolio Expirations and Vacates Summary

(unaudited and in square feet)

Actual

Forecast (1)

Three Months Ended

Total Office and Retail Portfolio (2),(3)

March 31,

2026 June 30,

2026 September 30,

2026 December 31,

2026 July to Dec.

2026 Full Year

2027

Total expirations 145,253 87,620 171,701 69,502 241,203 480,461

Less: broadcasting — — (511) — (511) (5,334)

Office and retail expirations 145,253 87,620 171,190 69,502 240,692 475,127

Renewals & relocations (4)

71,644 41,382 41,369 — 41,369 45,861

New leases (5)

16,893 43,198 92,444 16,321 108,765 81,464

Vacates (6)

56,716 3,040 34,414 46,003 80,417 243,972

Unknown (7)

— — 2,963 7,178 10,141 103,830

Total Office and Retail Portfolio expirations and vacates 145,253 87,620 171,190 69,502 240,692 475,127

Office Portfolio (3)

Total expirations 139,815 87,620 160,541 69,149 229,690 469,154

Less: broadcasting — — (511) — (511) (5,334)

Office expirations 139,815 87,620 160,030 69,149 229,179 463,820

Renewals & relocations (4)

71,644 41,382 41,369 — 41,369 42,258

New leases (5)

11,455 43,198 86,252 16,321 102,573 81,464

Vacates (6)

56,716 3,040 29,446 46,003 75,449 236,268

Unknown (7)

— — 2,963 6,825 9,788 103,830

Total expirations and vacates 139,815 87,620 160,030 69,149 229,179 463,820

Retail Portfolio

Retail expirations 5,438 — 11,160 353 11,513 11,307

Renewals & relocations (4)

— — — — — 3,603

New leases (5)

5,438 — 6,192 — 6,192 —

Vacates (6)

— — 4,968 — 4,968 7,704

Unknown (7)

— — — 353 353 —

Total expirations and vacates 5,438 — 11,160 353 11,513 11,307

Notes:

(1) These forecasts, which are subject to change, are based on management's current expectations, including, among other things, discussions with and other information provided by tenants as well as management's analyses of past historical trends.

(2) Any lease on month-to-month or short-term will re-appear in "Actual" in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. "Forecast" avoids double counting.

(3) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and is under redevelopment.

(4) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2026; and tenants who move within a building or within the Company's portfolio.

(5) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.

(6) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants' existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.

(7) For forecasted periods, "Unknown" represents tenants whose intentions are unknown.

Page 15

Second Quarter 2026

Tenant Lease Expirations

(unaudited)

Total Office and Retail Lease Expirations(1)

Number of Leases Expiring(2)

Rentable Square Feet Expiring(3)

Percent of Portfolio Rentable Square Feet Expiring

Annualized Rent(4)

Percent of Annualized Rent Annualized Rent Per Rentable Square Foot

Available — 532,129 6.5 % $ — — % $ —

Signed leases not commenced 21 462,248 5.6 % — — % —

2Q 2026(5)

6 18,802 0.2 % 1,169,846 0.2 % 62.22

3Q 2026 20 171,701 2.1 % 10,887,063 2.0 % 63.41

4Q 2026 13 69,502 0.8 % 4,595,939 0.8 % 66.13

Total 2026 39 260,005 3.1 % 16,652,848 3.0 % 64.05

1Q 2027 15 66,318 0.8 % 5,421,826 1.0 % 81.75

2Q 2027 12 72,225 0.9 % 4,877,844 0.9 % 67.54

3Q 2027 20 106,857 1.3 % 6,989,420 1.3 % 65.41

4Q 2027 20 235,061 2.9 % 13,353,864 2.4 % 56.81

Total 2027 67 480,461 5.9 % 30,642,954 5.6 % 63.78

2028 55 776,065 9.4 % 48,688,942 8.8 % 62.74

2029 65 760,361 9.2 % 57,586,028 10.4 % 75.74

2030 55 696,964 8.5 % 53,274,528 9.6 % 76.44

2031 47 267,074 3.2 % 28,981,123 5.2 % 108.51

2032 31 369,660 4.5 % 29,852,945 5.4 % 80.76

2033 40 364,210 4.4 % 30,247,231 5.4 % 83.05

2034 21 264,752 3.2 % 27,930,067 5.0 % 105.50

2035 22 439,491 5.3 % 30,646,157 5.5 % 69.73

2036 28 922,858 11.2 % 69,414,535 12.5 % 75.22

Thereafter 33 1,636,985 20.0 % 132,203,817 23.6 % 80.76

Total 524 8,233,263 100.0 % $ 556,121,175 100.0 % $ 76.82

Office Properties(1), (6)

Available — 474,180 6.3 % $ — — % $ —

Signed leases not commenced 18 434,432 5.8 % — — % —

2Q 2026(5)

6 18,802 0.3 % 1,169,846 0.3 % 62.22

3Q 2026 18 160,541 2.1 % 10,134,246 2.3 % 63.13

4Q 2026 12 69,149 0.9 % 4,595,939 1.0 % 66.46

Total 2026 36 248,492 3.3 % 15,900,031 3.6 % 63.99

1Q 2027 13 55,298 0.7 % 3,905,069 0.9 % 70.62

2Q 2027 12 72,225 1.0 % 4,877,844 1.1 % 67.54

3Q 2027 20 106,857 1.4 % 6,989,420 1.6 % 65.41

4Q 2027 19 234,774 3.1 % 13,296,661 3.0 % 56.64

Total 2027 64 469,154 6.2 % 29,068,994 6.6 % 61.96

2028 51 764,655 10.2 % 46,888,096 10.5 % 61.32

2029 55 649,535 8.7 % 44,350,069 9.9 % 68.28

2030 44 666,496 8.9 % 45,952,680 10.2 % 68.95

2031 37 196,792 2.6 % 14,529,505 3.2 % 73.83

2032 24 329,164 4.4 % 24,833,693 5.5 % 75.44

2033 26 306,566 4.1 % 19,341,424 4.3 % 63.09

2034 13 224,664 3.0 % 16,267,787 3.6 % 72.41

2035 18 432,700 5.8 % 30,113,335 6.7 % 69.59

2036 19 840,815 11.2 % 63,302,071 14.1 % 75.29

Thereafter 19 1,439,251 19.5 % 97,953,325 21.8 % 68.06

Total office properties 424 7,476,896 100.0 % $ 448,501,010 100.0 % $ 68.28

(Table continued on next page)

Page 16

Second Quarter 2026

Tenant Lease Expirations

(unaudited)

Retail Properties(1)

Number of Leases Expiring(2)

Rentable Square Feet Expiring(3)

Percent of Portfolio Rentable Square Feet Expiring

Annualized Rent(4)

Percent of Annualized Rent Annualized Rent Per Rentable Square Foot

Available — 57,949 7.7 % $ — — % $ —

Signed leases not commenced 3 27,816 3.7 % — — % —

2Q 2026(5)

— — — % — — % —

3Q 2026 2 11,160 1.5 % 752,817 0.7 % 67.46

4Q 2026(7)

1 353 0.1 % — — % —

Total 2026 3 11,513 1.6 % 752,817 0.7 % 65.39

1Q 2027 2 11,020 1.5 % 1,516,757 1.4 % 137.64

2Q 2027 — — — % — — % —

3Q 2027 — — — % — — % —

4Q 2027 1 287 0.1 % 57,203 0.1 % 199.31

Total 2027 3 11,307 1.6 % 1,573,960 1.5 % 139.20

2028 4 11,410 1.5 % 1,800,846 1.7 % 157.83

2029 10 110,826 14.7 % 13,235,959 12.3 % 119.43

2030 11 30,468 4.0 % 7,321,848 6.8 % 240.31

2031 10 70,282 9.3 % 14,451,618 13.4 % 205.62

2032 7 40,496 5.4 % 5,019,252 4.7 % 123.94

2033 14 57,644 7.6 % 10,905,807 10.1 % 189.19

2034 8 40,088 5.3 % 11,662,280 10.8 % 290.92

2035 4 6,791 0.9 % 532,822 0.5 % 78.46

2036 9 82,043 10.8 % 6,112,464 5.7 % 74.50

Thereafter 14 197,734 25.9 % 34,250,492 31.8 % 173.21

Total retail properties 100 756,367 100.0 % $ 107,620,165 100.0 % $ 160.48

Notes:

(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and is under redevelopment.

(2) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(3) Excludes (i) 164,403 square feet of space across the Company's portfolio attributable to building management use and tenant amenities, (ii) 87,765 square feet of space attributable to the Company's Observatory, and (iii) square footage related to the Company's residential units.

(4) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(5) Represents leases that are included in occupancy as of June 30, 2026 and expire on June 30, 2026.

(6) Excludes (i) retail space in the Company’s office properties and (ii) the Empire State Building broadcasting licenses and Observatory operations.

(7) Includes a percentage rent lease with no annualized rent.

Page 17

Second Quarter 2026

20 Largest Tenants and Portfolio Tenant Diversification by Industry

(unaudited)

20 Largest Tenants(1)

Property

Lease Expiration(2)

Weighted Average Remaining Lease Term(3)

Total Occupied Square Feet(4)

Percent of Portfolio Rentable Square Feet(5)

Annualized Rent(6)

Percent of Portfolio Annualized Rent(7)

1. LinkedIn Empire State Building Jan. 2029 - Aug. 2036 9.4 years 423,544 5.21 % $ 33,933,828 6.10 %

2. Flagstar Bank 1400 Broadway Aug. 2039 13.2 years 313,109 3.85 % 19,845,211 3.57 %

3. Scholastic Inc. 130 Mercer Dec. 2040 14.5 years 221,952 2.73 % 18,208,375 3.27 %

4. Sephora USA, Inc. 112 West 34th Street, 130 Mercer Jan. 2034 - Jan. 2037 9.4 years 21,834 0.27 % 17,588,100 3.16 %

5. Institutional Capital Network, Inc. One Grand Central Place Dec. 2041 15.5 years 232,754 2.87 % 17,289,504 3.11 %

6. Centric Brands Inc. Empire State Building Oct. 2028 2.3 years 252,929 3.11 % 14,852,143 2.67 %

PVH Corp(8)

501 Seventh Avenue Jun. 2026 - Oct. 2028 2.2 years 186,721 2.30 % 10,813,298 1.94 %

8. Burlington Merchandising Corporation 1400 Broadway Dec. 2042 16.5 years 170,763 2.10 % 10,681,120 1.92 %

9. Macy's 111 West 33rd Street May 2030 3.9 years 131,117 1.61 % 9,774,137 1.76 %

10. Coty Inc. Empire State Building Jan. 2030 3.6 years 157,892 1.94 % 9,695,067 1.74 %

11. Target Corporation 112 West 34th St., 10 Union Square East Jan. 2038 11.6 years 81,340 1.00 % 9,629,963 1.73 %

12.

Li & Fung(9)

1359 Broadway, ESB Oct. 2027 - Oct. 2028 2.0 years 149,061 1.84 % 9,049,465 1.63 %

13. Foot Locker, Inc. 112 West 34th Street Sep. 2031 5.3 years 34,192 0.42 % 8,630,727 1.55 %

14. URBAN OUTFITTERS 1333 Broadway Sep. 2029 3.3 years 56,730 0.70 % 8,489,236 1.53 %

15. Shutterstock, Inc. Empire State Building Apr. 2029 2.8 years 108,937 1.34 % 7,840,724 1.41 %

16. Fragomen 1400 Broadway Feb. 2035 8.7 years 107,680 1.33 % 7,186,662 1.29 %

17.

HNTB Corporation(10)

Empire State Building Jun. 2027 - Sep. 2034 7.6 years 86,211 1.06 % 6,889,030 1.24 %

18. The Michael J. Fox Foundation 111 West 33rd Street Nov. 2029 3.4 years 86,492 1.06 % 6,669,977 1.20 %

19. Kohl's 1400 Broadway May 2029 2.9 years 91,775 1.13 % 5,279,222 0.95 %

20. Booking Holdings Inc. Empire State Building Sep. 2035 9.3 years 64,563 0.79 % 5,125,353 0.92 %

Total 2,979,596 36.66 % $ 237,471,142 42.69 %

Portfolio Tenant Diversification by Industry (based on annualized rent)(1)

Notes:

(1) Includes in-place leases at 130 Mercer Street which was acquired in December 2025 and is under redevelopment.

(2) Expiration dates are per lease and do not assume exercise of renewal or extension options. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the lease expiration is shown as a range.

(3) Represents the weighted average lease term based on annualized rent.

(4) Based on leases signed and commenced as of June 30, 2026.

(5) Represents the percentage of rentable square feet of the Company's office and retail portfolios in the aggregate.

(6) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(7) Represents the percentage of annualized rent of the Company's office and retail portfolios in the aggregate.

(8) Includes 14,717 square feet of expiries by December 31, 2027, which has been re-leased.

(9) Includes 45,598 square feet of expiries at 1359 Broadway by December 31, 2027, of which 24,212 square feet has been re-leased.

(10) Includes 7,850 square feet of expiries by December 31, 2027, none of which has been re-leased as of June 30, 2026.

Page 18

Second Quarter 2026

Incremental Cash Rent Contributing to Cash NOI, Capital Expenditures and Redevelopment Program

(unaudited and dollars in thousands)

Incremental Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent(1) and Signed Leases not Commenced

Square Incremental Annual

Incremental Cash Rent(2) Contributing to Cash NOI

in the Following Years

Expected Cash Commencement Feet Cash Rent 2026 2027 2028 2029 2030

Third quarter 2026 263,708 $ 17,400 $ 7,356 $ 17,400 $ 17,400 $ 17,308 $ 16,740

Fourth quarter 2026 294,850 22,251 2,942 22,251 22,200 22,098 22,098

First quarter 2027 16,318 1,986 — 1,882 1,986 1,986 1,986

Second quarter 2027 37,486 1,997 — 1,156 1,997 1,997 2,024

Third quarter 2027 242,908 18,466 — 6,698 18,466 18,466 18,466

Fourth quarter 2027 24,346 1,413 — 356 1,413 1,413 1,413

First quarter 2028 60,594 5,754 — — 5,451 5,754 5,754

Second quarter 2028 160,397 5,465 — — 3,913 5,465 5,465

Fourth quarter 2028 26,625 2,210 — — 363 2,210 2,210

1,127,232 $ 76,942 $ 10,298 $ 49,743 $ 73,189 $ 76,697 $ 76,156

Initial Annual Incremental Annual

Incremental Cash Rent(2) Contributing to Cash NOI

in the Following Years

2Q 2026 Cash Rent Cash Rent 2026 2027 2028 2029 2030

Commenced leases in free rent period $ 42,057 $ 41,636 $ 10,240 $ 40,861 $ 41,475 $ 41,391 $ 40,822

Signed leases not commenced 41,859 35,306 58 8,882 31,714 35,306 35,334

$ 83,916 $ 76,942 $ 10,298 $ 49,743 $ 73,189 $ 76,697 $ 76,156

Three Months Ended

Capital expenditures June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Tenant improvements - first generation $ 2,503 $ 138 $ — $ 29 $ 39

Tenant improvements - second generation 24,720 13,159 21,406 15,979 36,890

Leasing commissions - first generation 1,666 — 1,387 — —

Leasing commissions - second generation 11,435 3,722 8,730 3,144 7,605

Building improvements - first generation 6,449 2,507 2,556 1,094 236

Building improvements - second generation 2,676 4,765 4,704 5,571 7,868

Non-recurring capital improvements 11,015 3,102 8,499 14,495 8,934

Total $ 60,464 $ 27,393 $ 47,282 $ 40,312 $ 61,572

Notes:

(1) Reflects contractual cash rent assumptions based on in-place leases and does not represent guidance or projections of future financial performance.

(2) Reflects initial annual cash rent less annual cash rent from existing tenant in the space.

Page 19

Second Quarter 2026

Observatory Summary

(unaudited and dollars in thousands)

Twelve Months to Date Three Months Ended

Observatory NOI June 30,

2026 March 31,

2026 December 31,

2025 September 30,

2025 June 30,

2025

Observatory revenue (1)

$ 114,004 $ 24,225 $ 18,510 $ 35,232 $ 36,037 $ 33,899

Observatory expenses 39,960 11,795 7,868 10,787 9,510 9,822

NOI, excluding intercompany rent (2)

$ 74,044 $ 12,430 $ 10,642 $ 24,445 $ 26,527 $ 24,077

Observatory Metrics

Number of visitors (3)

450,000 350,000 618,000 648,000 629,000

Change in visitors year-over-year (28.5) % (18.2) % (13.9) % (10.9) % (2.9) %

Number of bad weather days ("BWD") (4)

8 15 15 6 21

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the Observatory gift shop operator. For the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, the fixed license fee was $970, $970, $1,904, $1,904 and $1,904, respectively.

(2) The Observatory pays a market-based rent comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation. For the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, the intercompany rent expense was $14,771, $12,821, $20,295, $20,185, and $20,666, respectively.

(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.

(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.

Page 20

Second Quarter 2026

Debt Summary

(unaudited and dollars in thousands)

June 30, 2026

Weighted Average

Debt Summary Balance

Interest Rate (1)

Maturity (Years)

Mortgage debt $ 450,571 4.23 % 6.2

Senior unsecured notes 1,275,000 4.86 % 4.3

Unsecured term loan facilities (2)

340,000 4.54 % 4.0

Unsecured revolving credit facility (3)

50,000 4.91 % 2.7

Total fixed rate debt 2,115,571 4.67 % 4.6

Unsecured term loan facilities (4)

— — —

Unsecured revolving credit facility (3)

125,000 5.13 % 2.7

Total variable rate debt 125,000 5.13 % 2.7

Total debt 2,240,571 4.70 % 4.5

Deferred financing costs, net (9,183)

Debt discount (5,012)

Total $ 2,226,376

Available Capacity Facility

Outstanding at June 30, 2026

Letters of Credit Available Capacity

Unsecured revolving credit facility (5)

$ 620,000 $ 175,000 $ — $ 445,000

Covenant Summary Required Current Quarter In Compliance

Maximum Total Leverage (6)

< 60% 37.9 % Yes

Maximum Secured Leverage (7)

< 40% 7.9 % Yes

Minimum Fixed Charge Coverage > 1.50x 2.6x Yes

Minimum Unencumbered Interest Coverage > 1.75x 3.6x Yes

Maximum Unsecured Leverage (8)

< 60% 38.1 % Yes

Notes:

(1) These reflect the weighted average interest rates comprised of either the fixed coupon of the debt, including the effect of applicable treasury locks, the rates which are fixed under variable to fixed interest rate swap agreements, or the current variable rate of the revolving credit facility.

(2) SOFR is fixed at 2.56% for $175 million through December 31, 2026 and at 3.01% thereafter through maturity. In addition, SOFR is fixed at 3.31%, 3.23% and 3.25% for $95 million, $35 million and $35 million, respectively, through maturity.

(3) SOFR is fixed at 3.40% for $50 million through December 31, 2026.

(4) As of June 30, 2026, each of our unsecured term loan facilities is fixed under variable to fixed interest rate swap agreements.

(5) This unsecured revolving credit facility matures in March 2029, inclusive of two additional six-month extension options.

(6) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.

(7) Represents the ratio of secured indebtedness to total asset value as determined in accordance with the credit facility agreement.

(8) Represents the ratio of unsecured indebtedness to unencumbered asset value as determined in accordance with the credit facility agreement.

Page 21

Second Quarter 2026

Debt Detail

(unaudited and dollars in thousands)

Stated

Interest Rate (%) Principal Balance Maturity

Date Amortization

1542 Third Avenue 4.29 % $ 30,000 5/1/2027 Interest only

1010 Third Avenue & 77 West 55th St. 4.01 % 32,615 1/5/2028 30 years

1333 Broadway 4.21 % 160,000 2/5/2033 Interest only

10 Union Square East (1)

5.33 % 53,500 4/1/2036 Interest only

345 East 94th Street - Series A 70% of SOFR plus 0.95% 43,600 11/1/2030 Interest only

345 East 94th Street - Series B SOFR plus 2.24% 5,284 11/1/2030 30 years

561 10th Avenue - Series A 70% of SOFR plus 1.07% 114,500 11/1/2033 Interest only

561 10th Avenue - Series B SOFR plus 2.45% 11,072 11/1/2033 30 years

Total fixed rate mortgage debt 450,571

Unsecured revolving credit facility SOFR plus 1.40% 175,000 3/8/2029 Interest only

Unsecured term loan facility SOFR plus 1.60% 95,000 3/8/2029 Interest only

Unsecured term loan facility SOFR plus 1.60% 245,000 1/15/2031 Interest only

Senior unsecured notes:

Senior unsecured notes due 2027 (Series B) 4.09 % 125,000 3/27/2027 Interest only

Senior unsecured notes due 2028 (Series D) 4.08 % 115,000 1/22/2028 Interest only

Senior unsecured notes due 2029 (Series I) 7.20 % 155,000 6/17/2029 Interest only

Senior unsecured notes due 2030 (Series E) 4.26 % 160,000 3/22/2030 Interest only

Senior unsecured notes due 2030 (Series C) 4.18 % 125,000 3/27/2030 Interest only

Senior unsecured notes due 2031 (Series L) 5.47 % 175,000 1/7/2031 Interest only

Senior unsecured notes due 2031 (Series J) 7.32 % 45,000 6/17/2031 Interest only

Senior unsecured notes due 2032 (Series G) 3.61 % 100,000 3/17/2032 Interest only

Senior unsecured notes due 2033 (Series F) 4.44 % 175,000 3/22/2033 Interest only

Senior unsecured notes due 2034 (Series K) 7.41 % 25,000 6/17/2034 Interest only

Senior unsecured notes due 2035 (Series H) 3.73 % 75,000 3/17/2035 Interest only

Total / weighted average debt 4.70 % 2,240,571

Deferred financing costs, net (9,183)

Debt discount (5,012)

Total $ 2,226,376

Notes:

(1) Without the effect of the treasury locks executed in connection with the refinancing of the mortgage, the stated rate is 5.59%.

Page 22

Second Quarter 2026

Debt Maturities and Ground Lease Commitment

(unaudited and dollars in thousands)

Year

Maturities (1)

Amortization Total Percentage of Total Debt Weighted Average Interest Rate of Maturing Debt

2026 $ — $ 2,018 $ 2,018 0.1 % — %

2027 155,000 4,276 159,276 7.1 % 4.13 %

2028 146,091 3,555 149,646 6.7 % 4.06 %

2029 425,000 3,890 428,890 19.1 % 5.83 %

2030 328,600 4,511 333,111 14.9 % 4.18 %

2031 465,000 3,283 468,283 20.9 % 5.06 %

2032 100,000 3,591 103,591 4.6 % 3.61 %

2033 439,007 3,249 442,256 19.8 % 4.23 %

2034 25,000 — 25,000 1.1 % 7.41 %

2035 75,000 — 75,000 3.3 % 3.73 %

2036 53,500 — 53,500 2.4 % 5.33 %

Total debt $ 2,212,198 $ 28,373 2,240,571 100.0 % 4.70 %

Deferred financing costs, net (9,183)

Debt discount (5,012)

Total $ 2,226,376

Ground Lease Commitment (2)

Year

1350 Broadway (3)

2026 $ 47

2027 72

2028 72

2029 72

2030 72

Thereafter 1,410

$ 1,745

Notes:

(1) Assumes extension options are exercised for the term loans and revolving credit facility.

(2) There are no fair value market resets, no step-ups, and no escalations in the ground lease commitment.

(3) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 24 years.

Page 23

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v3.26.1

Cover

Jul. 29, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Jul. 29, 2026

Entity Registrant Name

EMPIRE STATE REALTY TRUST, INC.

Entity Incorporation, State or Country Code

Entity File Number

001-36105

Entity Tax Identification Number

37-1645259

Entity Address, Address Line One

111 West 33rd Street,

Entity Address, Address Line Two

12th Floor

Entity Address, City or Town

New York,

Entity Address, State or Province

Entity Address, Postal Zip Code

10120

City Area Code

212

Local Phone Number

687-8700

Written Communications

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Common Class A

Entity Information [Line Items]

Title of 12(b) Security

Class A Common Stock, par value $0.01 per share

Trading Symbol

ESRT

Security Exchange Name

NYSE

Empire State Realty OP, LP

Entity Information [Line Items]

Entity Registrant Name

EMPIRE STATE REALTY OP, L.P.

Entity Incorporation, State or Country Code

Entity File Number

001-36106

Entity Tax Identification Number

45-4685158

Entity Central Index Key

0001553079

Empire State Realty OP, LP | Series ES Operating Partnership Units

Entity Information [Line Items]

Title of 12(b) Security

Series ES Operating Partnership Units

Trading Symbol

ESBA

Security Exchange Name

NYSEArca

Empire State Realty OP, LP | Series 60 Operating Partnership Units

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Title of 12(b) Security

Series 60 Operating Partnership Units

Trading Symbol

OGCP

Security Exchange Name

NYSEArca

Empire State Realty OP, LP | Series 250 Operating Partnership Units

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Series 250 Operating Partnership Units

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FISK

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